AWI buys Eureka Report

Paul Clitheroe’s Australasian Wealth Investments has purchased News Corp Australia’s investor advice newsletter and website Eureka Report.

AWI will add the Alan Kohler-founded Eureka Report to its stable which includes InvestSMART and Intelligent Investor. The sale price was not disclosed.

“I’ve always admired Eureka Report for its exceptional ability to connect with private investors across Australia; we know the publication will thrive afresh under this new structure”, Mr Clitheroe, who is chairman of AWI, said.

Mr Clitheroe, a financial analyst and TV presenter, best known for hosting former Nine Network program Money, says the takeover of Eureka Report is part of his plan to ride the wave of a tech-driven consumer revolution in investor choice.

Eureka Report, in an email to subscribers, said AWI would continue to operate Eureka Report as an independent brand with its own editorial and analytical teams.“We like the separate brands. We feel they speak with a different voice,” Mr Clitheroe said, adding that Eureka Report would give AWI the chance to talk to a broader base of subscribers about the fintech revolution, offering subscribers the chance to access low-cost investment advice.

“I’m very interested in the fintech space and I still strongly believe in the investment advice model,” Mr Clitheroe said, whose AWI is now turning a profit in the rapidly growing fintech sector.

Source: AWI buys Eureka Report